Is Consolidating Your Debts a Good Option?

Know the Long Term
Effect on Interest Charges
Rolling all of Your Debts into One
Reading the Small Print…
Eligibility for an Interest
Debt Agreement
Find out about Debt Agreements
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Rolling all your Debts into One

You need to know all of your options and the effects consolidating debts may have on the total amount you will pay over time.  

Credit card statements now detail how many years you will pay and how much you will pay in interest.  This is important to know.

Long Term Effect on Interest Charges

Your consolidation loan documents will also clearly show you how much extra interest you will pay including default interest conditions if in the future you also struggle with this new loan. 

You need to read all of the information provided to you very carefully so that you understand the full picture of your consolidation loan.  Your financier may also want to take security over your car.

Home loans can also be extended to consolidate your debts, taking your personal loans and credit cards and adding these to your mortgage. 

You will usually pay a lower interest rate but may find yourself paying these debts over 20+ years.

Read The Small Print…

Provided you have both a mortgage and the available equity in your home, incorporating your personal debt onto your mortgage and increasing your repayments proportionally may be an answer.

The only thing to be aware of is that even though interest rates on mortgages are much lower than credit cards, you could be paying that interest for many more years.  It may also require support from your current lender, which may not happen if your credit rating has been badly affected.

Of course, any debt consolidation strategies can only be successful if you cancel your credit cards and avoid running up further debt.  If you can commit to that, though, debt consolidation can potentially help you to successfully manage your debt.

Incorporate the Credit Card debts onto your mortgage

A simple solution may seem to combine or consolidate all of these into one debt with only one repayment to manage. 

Some credit card companies have offers to roll credit cards into one with a low interest introductory period.

Banks and finance companies offer personal loans that will consolidate your debts into one payment.

We cannot not assist you with loans for this purpose.

We can help you find your debt solution!